How to buy PAX Gold (PAXG) in Australia
Learn how to buy PAX Gold (PAXG) on 14+ crypto exchanges in our step-by-step guide.
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You can buy PAX Gold (PAXG) on a cryptocurrency exchange like Swyftx. These specialised marketplaces that allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms. As the name implies, PAX Gold, or PAXG, is a commodity-based stablecoin that is backed by physical gold. Here's how to buy PAX Gold.
How to buy PAX Gold in 4 easy steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy PAX Gold is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit $ using the payment method that best suits you – bank transfer, credit card, cryptocurrency and debit card payments are widely accepted.
- Buy PAX Gold You can now exchange your funds for PAX Gold. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your PAX Gold to your personal wallet.
Where to buy PAX Gold in Australia
Find an exchange to buy, sell and trade PAXG by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
How do I find the best places to buy PAX Gold?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy PAX Gold?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading PAX Gold.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing PAXG with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
Where can I buy PAX Gold with a credit or debit card?
Once you've created an account, you will need to deposit funds to buy PAXG with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy PAXG on the following exchanges:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase PAXG by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for PAXG on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy PAX Gold?
The easiest way to buy PAXG is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying PAXG, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of PAX Gold has been performing recently.
Best PAX Gold wallets to store your PAXG
You can keep your PAXG on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can learn more about wallets and compare them with our comprehensive guide.
Is PAX Gold a good investment?Stablecoins, by design, are intended to be less volatile than ordinary cryptocurrencies. However, there are several aspects that should still be considered before investing. Some factors to consider before buying PAXG include:
- Ease of storage: Unlike physical gold that can be difficult to store, especially when dealing with large quantities, PAXG can be stored easily within any Ethereum-compatible wallet.
- Exposure to gold: As a gold-backed stablecoin the price of the token will mirror the price of gold exactly.
- Superior to conventional offerings: When compared with regular trading products, PAXG tokens allow users instant exposure to the gold market. Users can redeem assets at any time for physical gold and own minute fractions of metal, something that was not possible before. PAXG also does not feature any holding fees as costs are levied by most centralised institutions.
- Transparency: Unlike physical gold, where storage and accountability can sometimes be an issue, all PAXG tokens have their transfer, creation and redemption histories publicly available on the Ethereum network.
- Flexible supply: All of the gold used to back PAXG tokens is maintained by Paxos in a secure reserve facility. Anytime physical gold is redeemed, a corresponding number of PAXG tokens are burned accordingly.
- Centralised: Maintenance of the PAXG token rests solely in the hands of Paxos. If the system malfunctions or an audit finds that there is not enough physical gold to cover tokens, it may cause volatility in prices.
Additional information about PAX Gold can be found using our PAXG analysis tools.
Today's PAX Gold price versus ATH
Compare today's price of PAX Gold ($1877.25 USD) against its all-time-high price of $2241.37 USD on 17 May 2021. The closer the bar is to 100%, the closer PAXG is to reaching its ATH again.
ATH date: May 17, 2021
PAX Gold ATH: $2241.37 USD
How to trade, convert or sell PAX GoldYou can convert or sell your PAXG with the same exchange you bought it through:
- Sign in to the exchange you have PAXG on.
- If you store your PAX Gold in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of PAXG you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of PAX Gold.
- Complete your transaction and move your PAXG to a wallet for storage.
Disclaimer: Cryptocurrencies, including PAX Gold, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of PAXG is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the PAX Gold or any other cryptocurrency discussed.
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